Fido off 11%~News piece

[mickeyd]

Fidelity net fell 11% in 2006
Fidelity Investments announced today that net income fell 11% last year -- despite higher revenue and managed assets -- due to factors including a rising headcount, advertising and special charges.

I wonder if this loss is a result (partially) of Fido decreasing the ER of many of the funds that compete well with Vanguard?

 

[youbet]

Don't think so........they had higher revenue.

 

[jazz4cash]

Maybe it's the $42M fine they paid for shady practices of thier traders................

http://personal.fidelity.com/myfidelity/InsideFidelity/?refhp=cp


sorry it appears the links not working, but there are several documents dated 12/21/06 in their news archives..........

Under the terms of the settlement with the Independent Trustees, Fidelity has made arrangements to pay $42 million plus interest to the Fidelity Mutual Funds based on an allocation formula to be agreed to with the Independent Trustees